Nigeria’s indigenous firm, Seplat Energy Plc, has finally completed its acquisition of Mobil Producing Nigeria Unlimited, MPNU, from ExxonMobil at $800 million after over two years when the first deal was signed.
The company disclosed this in a recent press release.
According to the oil company, the purchase will add another 120,000 barrels to the country’s crude oil production.
As a result, while the initial agreement was for an initial value of $1.28 billion, the final consideration is now set at $800 million.
With this development, Seplat became the leading oil company in Nigeria, holding interests in 11 blocks (onshore and shallow waters in Nigeria); 48 producing oil and gas fields; 5 gas processing plants; and 3 export terminals.
Seplat indicated that the purchase of the entire issued share capital of MPNU will add the following assets to the company: 40% operating interests in OML 67, 68, 70 and 104; a 40% interest in Qua Iboe Export Terminal and Yoho FSO; a 51% interest in Bonny River Terminal, the NGL “BRT” recovery facility; a 9.6% interest in the Aneman-Kpono field; and about 1,000 employees and 500 subcontractors will transfer to the Seplat group.
Reacting to this development, the Chairman of Seplat Energy, Udoma Udo Udoma, commended President Bola Ahmed Tinubu for supporting the acquisition.
“Seplat Energy sincerely thanks His Excellency President Bola Ahmed Tinubu GCFR for his support of this transaction and appreciates the support and diligence of the various ministries and regulators for all the work required to achieve a successful conclusion.” .
For his part, Roger Brown, CEO of Seplat Energy, said: “Today, we have reached a major milestone in the history of Seplat Energy, and I would like to thank the entire Seplat team for their hard work and perseverance in successfully completing this transaction.”
Recall that in October, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, approved the sale of ExxonMobil’s oil and gas assets in Nigeria to the local company Seplat Energy, more than two years after the initial signing of the agreement in February 2022.
